Most of us have mortgages on our homes. Joe Kristan has an excellent write-up on a Tax Court case decided yesterday, where the petitioners had a mortgage, but:
– They recorded the mortgage the morning of the trial;
– They submitted a phony copy of the promissory note as evidence at their trial; and
– The note was full of typographical errors and didn’t appear to be truly notarized.
There’s lots more, and as Joe said, “If you want to deduct mortgage interest, get down to the county courthouse to record the mortgage when you make the loan; don’t wait until the Tax Court trial date.”